🌎Investing in algae and climate with Unruly Capital.
PLUS Provectus Algae receives strategic investment from CJ Bio, and a landmark UN treaty is poised to curb exploitation of the ocean.
“As you navigate your way through the algae tech space, seek out individuals who can offer good advice and serve as sounding boards for your ideas." — Vicky Regan, Unruly Capital
Dear algae technologists - hello and welcome to the Paxtier Report!
This week, check out Dai et al.’s recent paper, which describes how coastal algal blooms have intensified over the past 20 years.
The team mapped out global spatial and temporal patterns of coastal phytoplankton blooms by analysing satellite imaging between 2003 and 2020.
In today’s report:
Markets: 💸 Norway gov’t proposes regulation changes to fund marketing and research on seaweed.
Deals: 🤝 Provectus Algae receives strategic investment from CJ Bio.
Movers and Shakers: 🌱 Investing in climate with Unruly Capital.
Around the web: 🌍 A landmark UN treaty is poised to curb exploitation of the ocean...
Markets and Investing
✂️Algae Market Snippets
Some big moves in recent weeks:
M&M Labs and Lyxia Corporation launch new vegan algal omega-3 supplements. (Read more HERE).
Provectus Algae receives strategic investment from CJ Bio. (Read more HERE).
Ittinsect raises funds with the help of BlueInvest. Read more HERE).
South American team awarded HSF grant to investigate damage to marine forests by the illegal extraction of algae. (Read more HERE).
Mitsui to acquire Irish biostimulants company. (Read more HERE).
Norfolk council to give £1.5m for projects to boost economy - and seaweed is set to benefit. (Read more HERE).
Triton Algae Innovations launch an algae-based alternative pork dumpling. (Read more HERE).
Norway gov’t proposes regulation changes to fund marketing, research on seaweed (Read more HERE).
Oil spill threatens seaweed industry in the island town of Caluya in Antique, Philippines. (Read more HERE).
Hannan City and Kansai Airports are partnering up to bring back vitality to eelgrass and seaweed ecosystems in the 'sea forest' of Osaka Bay. (Read more HERE).
Blue Pet Co will receive $200,000 in funding after becoming one of the six start-ups selected to join the Leap Venture Studio & Academy in Tennessee, a leading pet care-specific accelerator. (Read more HERE).
Jared Huffman, Mary Peltola introduce bill in US Congress to support seaweed farming (Read more HERE).
CSJ has launched Cani Supps, a range of vegan-friendly high-performance supplements for dogs. (Read more HERE).
Japanese food maker prepares to ship plant-based seafood alternatives to Europe. (Read more HERE).
New award from the U.S. Dept. of Energy will help researchers develop green technology to capture carbon dioxide emissions from power plants. (Read more HERE).
Patch partners with EcoEngineers to review the science and develop an MRV approach for new Carbon Removal Technologies (including algae). (Read more HERE).
In case you missed it - AgriFutures Australia and ASI have released plans to expand the emerging seaweed industry into a $100 million sector supporting 1,200 full-time jobs in regional Australia. (Read more HERE).
Oceanfarmr has partnered with Compass Aquaculture. (Read more HERE).
Australia to make area the size of Germany a marine park in Southern Ocean. (Read more HERE).
Simris Alg AB signs partnership agreement with Lonza Ltd to commercialise Simris’ novel Antibody-Drug Conjugate (ADC) payload platform. (Read more HERE).
SpirulinaNord aims to move to larger premises, start batch production of reactors and significantly expand its production facility this year. (Read more HERE).
In depth with Peter Green
🌍 Investing in climate with Unruly Capital.
Meet Vicky Regan, analyst and ecosystem lead at Unruly Capital, a boutique VC firm specialising in finding and funding climate and deep-tech start-ups.
With a portfolio that includes ocean-based carbon capture, zooplankton, and algae start-ups, Unruly Capital is well-versed in investing in cutting-edge environmental technologies.
And in this snippet from our recent discussion, Vicky shares her thoughts on building in climate, connecting with mentors, and empowering female founders and VCs.
Can you tell me more about Unruly Capital?
Unruly Capital is a boutique VC firm that invests in early stage deep-tech and climate ventures worldwide. The fund is led by Stefano Bernardi, a seasoned angel investor with over 10 years of experience and a track record of investing in more than 100 companies. Before joining Unruly Capital, Stefano was also a Y Combinator-backed founder and spent five years working in Silicon Valley.
At Unruly, we do not adhere to a strict investment thesis, but our firm is committed to identifying investment opportunities that benefit the planet and people. Our current portfolio mirrors this investment strategy, with holdings spanning diverse industries such as healthcare and psychedelic therapies, as well as several promising companies in the burgeoning ocean and algae tech sectors.
Our goal is to allocate approximately 70% of our portfolio to climate-related startups, with the remaining 30% reserved for deep-tech science ventures. As we work towards this objective, we aim to expand our portfolio to include around 50 companies over the next 18 months.
How did you get into the climate space?
While studying chemical engineering, I developed a strong interest in entrepreneurship and quickly caught the start-up bug. My passion led me to take on a pivotal role in spearheading an accelerator program at my university, aimed at fostering and nurturing entrepreneurship within the campus ecosystem.
After completing my studies, I embarked on a journey working in several start-up operational roles, before eventually making my way into the climate tech sector. As I transitioned into this exciting field, I began offering my services to climate tech start-ups, assisting them with science communication and design work. One of my notable projects involved partnering with an algae tech team to develop an array of assets to help them communicate their processes and status to stakeholders more effectively.
A real turning point in my climate career came when I joined the MCJ Collective, which enabled me to connect with passionate individuals from around the world. It was through this incredible network that I had the good fortune of meeting Stefano.
What recurring challenges have you encountered that people and start-ups struggle with in climate?
Communicating complex ideas for technical businesses can be a daunting task. Many founders have strong academic backgrounds and can get caught up in the intricacies of their technology, making it confusing for potential investors or customers. Even really smart people can struggle to convey their ideas succinctly. And when it comes to pitching - time is of the essence. In initial calls or meetings, founders typically have a mere 30 minutes to convey the essence of their idea. This is why it is vital to extract the most crucial information and communicate it with clarity and precision.
Although universities are excellent hubs of knowledge, talent, and lab space, the majority of attention tends to concentrate on the Golden Triangle of London, Oxford, and Cambridge. This raises an important question: what about those located outside this triangle? There are countless talented individuals throughout the UK and Europe who have limited access to resources, leaving them unsure of where to turn. As someone who is deeply committed to connecting exceptional minds in the tech space, I believe it is imperative to support individuals who may be at a disadvantage due to their location.
In the worlds of venture capital and climate, impostor syndrome is a pervasive challenge. This phenomenon, marked by persistent feelings of inadequacy despite evident success, is a hurdle that many in the industry struggle to overcome. The difficulty of shaking these feelings is compounded by the criticism and judgment that are an inherent part of the industry. Unfortunately, women are often the target of such negative attitudes, being dismissed as too young or inexperienced to merit a seat at the table. A recent event focused on women in climate shone a spotlight on this challenge. However, while the panel was filled with individuals eager to drive innovation and tackle climate change, it quickly became apparent that they were largely preaching to the choir. The industry needs to find ways to engage with those who are not already involved in the conversation. We must prioritise greater diversity and inclusivity in the climate space to spur innovation and create a sustainable future.
What advice would you give to someone else starting out on this journey?
Resilience is key on the road to success. As you pursue your goals you will inevitably be met with challenges and naysayers who underestimate your abilities. This is a reality that many in the climate space can attest to. But it is precisely this kind of obstacle that defines a true agent of change - someone who refuses to be deterred and uses their accomplishments to silence the doubters.
In addition, as an aspiring climate tech professional, you may have found yourself hesitant to reveal your passion and interest in the field. However, remember that once you take that leap and let others know what you are passionate about, it becomes easier to connect with like-minded individuals who can offer valuable insights and guidance.
Finally, reaching out to others for advice and support is often fruitful. As you navigate your way through the algae tech space, seek out individuals who can offer good advice and serve as sounding boards for your ideas.
If you’d like to learn more about Vicky you can check out her LinkedIn here. You can also find out more about Unruly Capital here.
🐦Tweet of the week
🔥 What else was hot in algae tech?
(Paper) Microalgal cultivation characteristics using commercially available air-cushion packaging material as a photobioreactor. (Read more HERE).
Shoutout to PhycoWorks who recently featured in Forbes 30 under 30 ... (Read more HERE).
A group of UK researchers has developed a biodegradable, edible algae-based electronic health monitor. (Read more HERE).
A landmark UN treaty is poised to curb exploitation of the ocean. (Read more HERE).
Astaxanthin supplements may reduce visual stress from screens: RCT. (HERE).
Chandelier with glass leaves uses algae to serve as an air purifier. (Read more HERE).
(Paper) Alcobiosis, an algal-fungal association on the threshold of lichenisation. (Read more HERE).
Four tips to optimise the stability of your biofloc system. (Read more HERE).
The creeping threat of the Great Atlantic Sargassum Belt. (Read more HERE).
Is ocean conservation the next climate tech? 7 investors explain why they’re all in. (Read more HERE).
Short but sweet look at Julie Robinson - director of the Nature Conservancy’s Belize Program in Punta Gorda. (Read more HERE).
How feed additives could cut methane emissions from livestock by 90 per cent. (Read more HERE).
That’s all folks!
Thanks again for joining us this week. Hope you have a great day and stay tuned for more algae tech updates soon!
Peter